OBAMA " I will Create a $10 billion fund to help homeowners refinance or sell their homes. The Fund will not help speculators, people who bought vacation homes or people who falsely represented their incomes."

And soon after his election, Obama outdid the promise of $10 billion, creating a foreclosure prevention fund that totaled $75 billion, paid for with funds from the Troubled Asset Relief Program (TARP) and the government sponsored mortgage giants Fannie Mae and Freddie Mac. Officials said the fund could help 9 million homeowners

But as many months went by, the program never lived up to its promise. As of January 2011, the program had given permanent loan modifications to only about 500,000 homeowners.

With millions of homeowners still struggling to stay in their homes, the Obama administration"s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by lax oversight and a posture of cooperation—rather than enforcement—with the nation's biggest banks," . "Those banks, Bank of America, Wells Fargo, JPMorgan Chase, and Citibank, service the majority of mortgages."

"Treasury Secretary Timothy Geithner has acknowledged that the program ‘won't come close' to fulfilling its original expectations, that its incentives are not ‘powerful enough' and that the mortgage servicers are ‘still doing a terribly inadequate job,;" Barofsky wrote. "But Treasury officials refuse to address these shortfalls. Instead they continue to stubbornly maintain that the program is a success and needs no material change, effectively assuring that Treasury's most specific Main Street promise will not be honored."